Nigeria to tax cryptocurrency transactions as government tightens digital asset rules
- Nigeria is revising its digital asset regulations to include taxation of cryptocurrency transactions.
- The Central Bank of Nigeria lifted the ban on cryptocurrency transactions in December 2023.
- The Nigerian government aims to boost national revenue through regulation and taxation of cryptocurrencies.
While the Nigerian government's move to regulate and tax cryptocurrency transactions is a step towards formalizing the market, it is crucial to ensure that compliance costs do not stifle innovation. A balanced approach that fosters growth while protecting consumers is necessary to create a thriving crypto ecosystem in Nigeria.
